That's a bit strong. I love sharing photos with friends and family, and Instagram makes these super easy to do, and quickly, and with easy ways to get comments from those I'm interested in.
Instagram itself is not the problem. How teenagers are using social media is a behavior or perspective issue in my opinion, not a problem with an actual product that just offers a nice tool. Growing up before the internet, these attitudes were in effect, just exposed differently. Honestly I think it is a cultural problem, because there are other places in the world where this obsession with acceptance does not exist, and where everything is not driven by ego or lack thereof.